• El Salvador shifts away from external debt, relying on Bitcoin and investments.

• The country secured a $1.6B investment from Yilport to modernize ports and boost Bitcoin City.

• El Salvador’s Bitcoin reserves have grown to 5,870 BTC.

El Salvador has taken a bold step in its fiscal policy, with President Nayib Bukele declaring the country will no longer rely on external debt to fund its budget.

Under Bukele’s leadership, the Central American nation has been integrating Bitcoin into its national economy. It became the first country in the world to make Bitcoin legal tender; on September 7, 2021.

JUST IN: President Bukele announces that El Salvador will no longer borrow external debt to finance its budget. #Bitcoin country is winning pic.twitter.com/ui132AWxD1

— Bitcoin Magazine (@BitcoinMagazine) September 16, 2024

Draft Legislation to Further Integrate Bitcoin

In line with this shift, El Salvador introduced draft legislation in June 2024 to incorporate digital assets further into its banking system. The proposed law would allow the creation of private investment banks dealing in Bitcoin and other cryptocurrencies, marking another step in the country…

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